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In a significant financial move, Apple’s Chief Executive Officer, Tim Cook, has executed his most substantial stock sale in over two years, offloading shares worth approximately $41 million after taxes. The sale coincides with a period of decline in the value of Apple’s stock, following the company’s recent all-time high.
According to a filing with the US Securities and Exchange Commission on Tuesday, Tim Cook sold a total of 511,000 Apple shares. Despite this sizable transaction, Cook retains approximately 3.28 million shares within the Cupertino, California-based tech giant, reflecting his enduring commitment to the company where he has been an integral part of the team for more than two decades.
Cook’s decision to sell shares follows a rare pay cut of around 40%, reducing his compensation package to $49 million for the year 2023. This adjustment includes notable changes to his stock awards, which are now tied to Apple’s performance at a rate of 75%, up from the previous 50%.
In a trend paralleling Cook’s actions, other senior Apple executives have also made stock sales public. Senior Vice Presidents Deirdre O’Brien and Katherine Adams each disclosed stock sales amounting to $11.3 million.
Tim Cook’s previous significant stock sale occurred in August 2021 when he divested more than $750 million worth of Apple shares, marking the completion of a decade as CEO. After tax withholdings, Cook netted approximately $355 million from the transaction, as reported by Bloomberg’s data.
Apple’s stock value reached an all-time high in July but has since experienced a decrease of more than 12% amid a broader downturn in the technology sector. KeyBanc Capital Markets Inc. contributed to the recent decline by downgrading Apple’s stock, citing a less optimistic sales growth outlook. This resulted in Apple shares slipping by approximately 1.2% in premarket trading ahead of the New York stock exchanges’ opening.
Tim Cook’s strategic stock sale is indicative of the evolving landscape in the tech industry and its impact on key players like Apple. As the company navigates changing market dynamics, Cook’s actions underscore the importance of adapting to shifting circumstances while maintaining a commitment to the company’s long-term success.
Sources By Agencies
